Price trend

According to the commodity price analysis system of SunSirs, on January 31, 2025, the ex-factory price of cyclohexanone in Shandong, China, was approximately 6,900 RMB/ton, an increase of 513 RMB/ton compared to January 1st (when the price was approximately 6,387 RMB/ton), representing a price increase of 8.66%.

Price trend review

According to the commodity price analysis system of the SunSirs, in January 2026, the market for premium cyclohexanone in Shandong province showed a trend of initial stability followed by a rapid upward surge. Throughout January, the market price of cyclohexanone in Shandong continuously moved towards higher levels, with a cumulative price increase of 500-600 RMB/ton during the month. On January 31st, the reference price for cyclohexanone in the Shandong market was approximately 6,850-6,950 RMB/ton.

Early January (January 1-13): Prices fluctuated narrowly around 6,300 RMB/ton, with a slight dip due to temporary production cuts at some facilities, reaching a low of 6,240 RMB/ton. Mid-January (January 14-20): The supply and demand balance tightened, and prices rose rapidly from 6,300 RMB/ton to 6,550 RMB/ton, a weekly increase of 3.97%. Late January (January 21-31): Downstream pre-holiday stocking combined with stronger raw material support led to an accelerated price increase, reaching 6,900 RMB/ton at the end of the month (January 31), a cumulative increase of 600 RMB/ton for the month, representing a 9.61% increase.

Analysis of Key Influencing Factors

Raw materials: Benzene prices strengthened, highlighting cost support

Benzene, the core raw material for cyclohexanone, continued to rise in January, providing increasing cost support for cyclohexanone, and the cyclohexanone market followed this upward trend.

Supply side: Plant maintenance combined with reduced production capacity led to a contraction in effective supply

In January 2026, the overall operating rate of the domestic cyclohexanone industry decreased. Several major plants in Shandong and East China entered their annual maintenance period, leading to a significant reduction in overall supply in the cyclohexanone market.

Demand side: Downstream companies stocked up before the holiday, resulting in a concentrated release of purchasing demand

Downstream industries such as caprolactam, coatings, and adhesives entered their stocking period before the Spring Festival. Caprolactam companies, to ensure production in the first quarter, concentrated their purchases of cyclohexanone, resulting in a significant increase in procurement volume. The coatings and adhesives industries, driven by pre-holiday order delivery demands, increased their stocking activity, further amplifying market demand. Some traders, anticipating rising prices, actively stockpiled goods, exacerbating the tight supply and demand situation in the market.

Market outlook

As of January 31, the cyclohexanone market was experiencing a positive trading atmosphere. However, with logistics disruptions and the impact of the Spring Festival holiday, overall market activity will gradually become quieter, and cyclohexanone prices are expected to fluctuate at high levels. After the holiday, if downstream inventory replenishment demand is exhausted prematurely, the cyclohexanone market may face downward pressure. Further developments will depend on changes in supply and demand dynamics.

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